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notka56 [123]
3 years ago
13

If you invested $600 at 3% simple interest for 2 years, how much interest do you earn? Show work and answer in complete sentence

s to earn full credit. If you invest $600 at 4% compounded monthly for 2 years, how much interest you do earn? Show work and answer in complete sentences to earn full credit. Which would you rather do?
Mathematics
1 answer:
zzz [600]3 years ago
7 0

Answer:

I would rather do the second option of which uses Compound interest that will give a profit of $47.85

Step-by-step explanation:

In this problem we will be exploring the two formulas

1. simple interest

A= P(1+r*t)

2. compound interest

A= P(1+r/n)^nt

Where A= final amount

P= initial amount

r= rate

t= time.

n= number of periods Compounded

1.given data

P= $600

r= 3%= 3/100= 0.03

t= 2 years

A= 600(1+0.03*2)

A= 600(1+0.06)

A= 600(1.06)

A= $636

Interest = 636-600= $36

2. Given data

P= $600

r= 4%= 4/100= 0.04

n= 24

t= 2

A= 600(1+0.04/24)^24*2

A=600(1+0.0016)^48

A=600(1.0016)^48

A= 600*1.07975

A= 647.85

Interest = 647.85-600= $47.85

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Explanation:

The triangles are similar, so we know the corresponding sides form ratios that are equal. 

Note how...
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Suppose that 20% of the residents in a certain state support an increase in the property tax. An opinion poll will randomly samp
aleksklad [387]

Answer:

95.44% probability the resulting sample proportion is within .04 of the true proportion.

Step-by-step explanation:

To solve this question, we need to understand the normal probability distribution and the central limit theorem.

Normal probability distribution

Problems of normally distributed samples are solved using the z-score formula.

In a set with mean \mu and standard deviation \sigma, the zscore of a measure X is given by:

Z = \frac{X - \mu}{\sigma}

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.

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The Central Limit Theorem estabilishes that, for a normally distributed random variable X, with mean \mu and standard deviation \sigma, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean \mu and standard deviation s = \frac{\sigma}{\sqrt{n}}.

For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.

For the sampling distribution of the sample proportion in sample of size n, the mean is \mu = p and the standard deviation is s = \sqrt{\frac{p(1-p)}{n}}

In this question:

p = 0.2, n = 400

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This is the pvalue of Z when X = 0.24 subtracted by the pvalue of Z when X = 0.16.

X = 0.24

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